---

Standard Products Meets Workforce Reduction Goal

22 March 1999

Standard Products Meets Workforce Reduction Goal Through Early Retirment Program, Operating Efficiencies;

            Tax Charge in Brazil Also to Impact Third Quarter Earnings

    DEARBORN, Mich., March 22 -- The Standard Products Co.
announced today that it has successfully completed a program to
reduce its salaried workforce in North America.  The Company also said it had
taken action to resolve an excise tax obligation in Brazil.
    Ronald L. Roudebush, vice chairman and chief executive officer, said, "The
voluntary early retirement program which we recently offered to certain
pension-eligible salaried employees in the U.S. proved successful.  This
program will require us to take an after-tax charge of $1.6 million, or $.10
diluted earnings per share, in the third quarter.  We anticipate after-tax
savings from the program of approximately $1 million a year going forward.
    "In addition to the voluntary early retirement program, we also have
completed the consolidation of our U.S. and Canadian automotive sealing
systems businesses into a single North American sealing systems business
unit," Roudebush said. "This consolidation will allow us to achieve additional
operating efficiencies in the years ahead.  Through a combination of this
consolidation, the voluntary early retirement program and other initiatives,
we will have reduced the size of our corporate and U.S. automotive-related
salaried workforce by seven percent by the end of this fiscal year. We are
also continuing to analyze our worldwide capacity and cost structure with a
view toward seeking further efficiencies in our operations."
    Roudebush said the same vigorous approach to achieving cost reductions had
already proved successful in Brazil. "When Brazil's economic problems hit, we
acted immediately and decisively to reduce our workforce by 55 percent.  That
action is now enabling us to operate at breakeven, even though our volume
there is at only 40-50 percent of its previous level.
    "During the process of examining all of our costs in Brazil, we determined
that a 1992 Brazilian tax ruling, on which we relied in not collecting and
remitting excise taxes on product sales from 1996 to 1998, was not applicable
to the Company," Roudebush explained.  "We have now taken the steps necessary
to correct the situation."  As a consequence, the Company will take a one-time
charge of $4.2 million, or $.26 diluted earnings per share, in the third
quarter.  By collecting and remitting excise taxes at the applicable rate, the
Company will be able to take full offsetting credit for the excise taxes that
it pays to its suppliers.
    "Overall, our operating performance for the third quarter is in line with
our expectations, and we now expect our third quarter diluted earnings to be
between $.35 and $.40 per share," Roudebush concluded.
    Certain statements in this press release, especially those concerning the
Company's future earnings, constitute "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act of 1995.
The achievement of the projections and estimates set forth is subject to
certain general risks and uncertainties, including but not limited to a
prolonged recession in Brazil, and the various factors contained in the
reports filed by the Company with the Securities and Exchange Commission.
    Standard Products produces highly engineered polymer-based products and
systems on a global basis for the automotive, appliance and construction
industries.
    More information may be found on the Internet at
http://www.standardproducts.com.